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21 June 2021
21:00 hour

Rebuilding your credit score post pandemic

The Motley Fool UK

15/05/2021 - 18:32

Rebuilding your credit score after the pandemic may seem all uphill. We have some fast and reliable methods to help you boost your score. The post Rebuilding your credit score post pandemic appeared first on The Motley Fool UK.


READ THE FULL ARTICLE ON THE MOTLEY FOOL UK

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  1. Your Money: Know why your credit score is important (15/03/2021 - Financial Express)
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  5. How to boost your credit score ahead of local elections (26/04/2021 - The Motley Fool UK)
    It’s that time of year again. Local elections will be taking place across Britain in May, giving people the chance to vote on what they want for their local community. It’s the perfect time to check you are registered on the electoral roll. Not only does this mean you can exercise your democratic right – but it could also boost your credit score. How does registering to vote boost my credit score? It may not seem obvious, but one of the first steps in improving your credit score is to make sure you are registered on the electoral roll. You may be wondering why it should matter. Well, credit reference agencies and lenders use the electoral roll to verify who you are. If you give a name and an address that is different to the one you are registered to vote with, then that could raise a red flag. Similarly, if you aren’t registered at all, this could negatively impact your credit score. It is easy to register to vote. You can do it online by visiting gov.uk. What else can I do to improve my score? Thomas Allder, customer director at Vanquis, recently shared some simple tips for improving your credit score – with very little effort needed on your part. Beyond registering for the electoral roll, here are his suggestions to boost your credit score: Correct errors in your credit report. Your credit score is based on the information held in your credit report. So if there is something that is not right in there, it is worth following up and trying to get it changed. You can check your credit report for free. Check for fraud. If you check your credit report regularly, then you can spot signs of fraud. Say you spotted that someone was applying for credit in your name, you could report this as fraud and protect your credit score. Use an eligibility checker. If you are looking to apply for a credit card, it is worth using an eligibility checker beforehand. This will perform a ‘soft search’ that does not impact your credit score. If you have an application for credit rejected, this can negatively impact your credit score. So it is worth just checking before making your application. Get a credit-builder card. If you are new to credit or have a less than squeaky clean credit score, a credit-builder card such as Vanquis can help. They have low spending limits, so you are less likely to get into trouble. And if you make your repayments on time, you can steadily improve your credit score. Why do credit scores matter? Your credit report and your credit score are what lenders check when deciding whether or not to lend you money. Having a ‘good’ credit score often means you can access better deals or achieve better rates of interest. If you are planning to apply for a mortgage at any point, having a ‘good’ credit score is essential. The main takeaway is that improving your credit score can significantly help your personal financial situation.  “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading Tate & Lyle’s share price soars to 8-year peaks! Here’s what you need to know How to evaluate a stock before buying it The Ibstock share price is rising. Should I buy? 3 UK shares I’d buy with £1,000 3 reasons why I think the Greggs share price will push higher The post How to boost your credit score ahead of local elections appeared first on The Motley Fool UK.
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  6. Getting finance on a car? Time to think about your credit score (22/05/2021 - The Motley Fool UK)
    Your credit score can make a big difference when it comes to getting finance on a car. But lenders don’t only look at your credit report to assess whether or not to lend to you. Your credit score will also determine what sort of interest rate you can get. New research from Uswitch.com has found that on some cars this difference could set you back as much as £35,000! Let’s take a look. What does a bad credit score mean for getting finance on a car? Having a bad credit score can impact lots of areas of your life – including car finance. Uswitch’s study looked at the cost of buying some of the UK’s most popular cars on finance for different levels of credit score. So for example, if you wanted to purchase a Ford Fiesta, the base model would cost you £16,645. Buying it on finance with a four-year repayment period and an excellent credit score would result in a total cost of £20,014. However, the cost would increase to £27,073 if you had a bad credit score. That is a difference of over £7,000. Understandably, the difference is even greater when you look at more expensive models. A Range Rover Discovery would cost someone with an excellent credit score £100,680 over four years. This jumps to £136,189 for a driver with a bad credit score. That’s a difference of £35,509. How can I improve my credit score? If you are in a situation where your credit score is less than squeaky clean and you are looking to take out finance on a car, then there are some simple things to do to improve your score. Register to vote – Being on the electoral roll with your current address can make a big difference to your credit score. It means lenders can easily check you are who you say you are. Consider your credit utilisation – Lenders look at your credit utilisation. This is how much credit is available on your credit cards. The general rule of thumb is that if you keep your balance below 30% of the credit available, this will not hurt your credit score. If this creeps above 50% to 70% then ‘amber flags’ start to show up on your credit report. Make your payments – The best thing you can do for your credit score is to make sure you pay all your bills on time. Lenders are looking for responsible borrowing behaviour. So if you can show months of making regular payments, you put yourself in a strong position. Check your credit report for errors – How many of us have actually looked at our credit reports? Before you can start improving your credit score, you need to know what is on your report. If you check your report and there is an error, then you can inform the credit reference agency and ask them to make a correction. Where can I look for car finance deals? As with any type of financial product, it is best to shop around and try to find the best rate for you. If you have put yourself in a strong position with your credit score, then the likelihood is that you will be able to access more competitive deals. If you know the make and model of the car you want to buy, then using a comparison site can also help you to look at packages side by side. The one thing to bear in mind is that while a car dealership will have its own offer, this may not be the cheapest. So try to remember to look at the total cost of the finance package. Also consider any restrictions such as a cap on your annual mileage. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading ESG investing: should I buy these 2 UK shares? 3 FTSE 100 income stocks I’d buy Food subscription gifts saw a 110% increase in interest in 2020! Is the Scottish Mortgage Investment Trust a bargain? Why I think the BP share price can keep climbing The post Getting finance on a car? Time to think about your credit score appeared first on The Motley Fool UK.
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  8. Why a bad credit score can cost you over £35k extra when financing a car (01/06/2021 - The Motley Fool UK)
    Thousands of drivers in the UK turn to finance every year to help with the cost of a new car. However, many drivers will be shocked to learn just how much their credit score affects the total cost of their car. New research from price comparison and switching website Uswitch.com has revealed that a bad credit score could end up costing you up to £35k extra when financing a car. Here is everything you need to know. [top_pitch] What exactly is a bad credit score? A bad credit score is a negative assessment of your finances by a credit reference agency based on your history of borrowing and repaying money. You are likely to have a bad credit score if you have a history of missed payments, defaults on debts, county court judgments or bankruptcies. If you have a bad credit score, lenders see you as a higher risk borrower. This could mean that you will be rejected when applying for products such as loans, credit cards or mortgages. Alternatively, it could result in you being charged significantly higher rates of interest for these products. According to lenders, the lower your credit score, the higher the likelihood of you missing payments. So lenders may raise the interest rate in an attempt to recoup their money as quickly as possible. Each of the three credit rating agencies in the UK (Experian, Equifax and TransUnion) has its own scoring system. But since all base their scores on your financial history, you are likely to be given the same overall rating by all of them. Experian credit scores range from 0 to 999, with a bad credit score falling between 0 and 720. Equifax scores range from 0 to 700, with a bad credit score ranging from 0 to 379. TransUnion gives your creditworthiness a score between 0 and 710, with a bad score falling between 0-565. What does a bad credit score mean for car financing? Uswitch.com used a car finance calculator to determine the cost of some of the UK’s most popular cars bought on finance by motorists with different levels of credit score. Of the 50 most popular cars in the UK, the one with the biggest difference in the cost of financing for those with a bad credit score compared to those with an excellent score was the Land Rover Range Rover. For a driver with a good credit score, the price of a Range Rover is £100,680 over a four-year term. However, a driver with a poor credit score will have to pay a whopping £136,189 for the car. That’s 35.27% (£35,509) more than someone with an excellent credit score! Another car with a relatively big difference in the cost of financing for those with poor or excellent credit scores is the Land Rover Discovery. The cost of this car for someone with an excellent credit score is £64,066. The price jumps to £86,662 for someone with a bad credit score, which is a difference of £22,595. But what about the UK’s most popular car, the Ford Fiesta? According to Uswitch.com, the Fiesta costs £27,073 for someone with a bad credit score who buys it with financing. This is £7,059 more than the £20,014 someone with a good credit score would have to pay. The full list of the 50 most popular cars in the UK and the cost of buying them on finance with different credit scores can be found on the Uswitch.com website. [middle_pitch] How can you improve your credit score to get better car financing rates? Clearly, it pays to have a good credit score when it comes to car financing. James Andrews, personal finance expert at Uswitch.com, has a few tips for improving your credit score to help you get the best deal when buying a car on finance. These include: Registering to vote Making payments on time Not applying for too many new credit products in a short period of time Keeping a stable address Using 30% or less of your total available credit per account Checking your credit score regularly and confirming that everything is accurate Andrews reckons that if you take these steps, you could see your scores start to improve in as few as four months. In a year, your score should be in a far stronger position. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading 3 high-profile UK shares I’m avoiding 3 top UK dividend stocks to buy now 2 of the best reopening stocks to buy in June 3 top FTSE dividend shares to buy now Is a housing crash coming? The post Why a bad credit score can cost you over £35k extra when financing a car appeared first on The Motley Fool UK.
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  9. JPMorgan, Wells Fargo, others to extend credit to those with no credit score - WSJ (13/05/2021 - Seeking Alpha)

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  10. 45% of Brits don’t think missed payments affect their credit score (30/04/2021 - The Motley Fool UK)
    When it comes to credit scores, myths and misinformation are rampant. For a significant number of people, credit scores remain a mystery. Many don’t check their score regularly, and many others don’t even know just how much of an impact their score can have. Recent research by credit management company Lowell shows that over 30% of Brits don’t know how to check how well their finances are doing. In fact, the survey, conducted by Censuswide on behalf of Lowell, asked 1001 UK residents how much attention they pay to their credit score – and the results were surprising. “Your credit score is a key tool, so it’s vital that people know and understand their score, what it says about them and, importantly, the steps they can take to help improve it,” says John Pears, UK CEO of Lowell. Many Brits don’t really understand how credit scores work Lowell’s source discovered some deep-rooted myths regarding credit scores. For example, 17% of Brits believe that checking your credit score too often can actually harm your score. The research also found that a large number of people (21%) believe that income affects your score. A further 6% think that personal loans (from friends and family) are also reflected on the score. Checking your credit report regularly through one of the three credit reference agencies – Equifax, Experian and TransUnion – is an essential part of understanding how you’re doing financially and whether there are issues you need to deal with. What can affect your credit score? Surprisingly, one in 10 people in the survey said they don’t think anything they do has a direct effect on their score. Even scarier, 75% don’t believe phone contracts have an impact on their score. And 66% don’t think car loans affect it either. Boosting your credit score is an essential step towards getting better loan rates and even qualifying for a mortgage. One of the most important things you can do to have a healthier credit report? Make sure your payments are never late. Still, almost half of Brits don’t think late payments have an effect on their score. Other things that can have a direct impact on your credit score include: Whether you’re registered to vote Bankrupcies in the past six years How many loans and credit cards you have open Past debts Fixing your credit report and why you should  In order to have a healthy credit report, you first need to spend some time working on fixing errors that could be affecting your overall score.  If you notice mistakes, that’s where you should start. Is a debt you paid off still showing as unpaid? Or is a reported missed payment for a service you’ve already cancelled still there? Disputing these issues with the credit reporting agencies could help your score right away.  Next, take a look at your overall credit utilisation. If you have £20,000 of credit available (through credit cards, for example) and you’re using most of it, this actually lowers your score. Paying off debt will not only better your overall finances but also improve your score. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading The HSBC share price could be fuelled by recent cracking results UK shares to buy today: 2 FTSE 100 stocks I’d acquire right now Where will the IAG share price go next? Why easyJet, BP and Rolls-Royce shares are among Q1’s most traded The Saga share price is up 69%! I still think the stock’s cheap The post 45% of Brits don’t think missed payments affect their credit score appeared first on The Motley Fool UK.
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  11. 45% of Brits don’t think missed payments affect their credit score (30/04/2021 - The Motley Fool UK)
    When it comes to credit scores, myths and misinformation are rampant. For a significant number of people, credit scores remain a mystery. Many don’t check their score regularly, and many others don’t even know just how much of an impact their score can have. Recent research by credit management company Lowell shows that over 30% of Brits don’t know how to check how well their finances are doing. In fact, the survey, conducted by Censuswide on behalf of Lowell, asked 1001 UK residents how much attention they pay to their credit score – and the results were surprising. “Your credit score is a key tool, so it’s vital that people know and understand their score, what it says about them and, importantly, the steps they can take to help improve it,” says John Pears, UK CEO of Lowell. Many Brits don’t really understand how credit scores work Lowell’s source discovered some deep-rooted myths regarding credit scores. For example, 17% of Brits believe that checking your credit score too often can actually harm your score. The research also found that a large number of people (21%) believe that income affects your score. A further 6% think that personal loans (from friends and family) are also reflected on the score. Checking your credit report regularly through one of the three credit reference agencies – Equifax, Experian and TransUnion – is an essential part of understanding how you’re doing financially and whether there are issues you need to deal with. What can affect your credit score? Surprisingly, one in 10 people in the survey said they don’t think anything they do has a direct effect on their score. Even scarier, 75% don’t believe phone contracts have an impact on their score. And 66% don’t think car loans affect it either. Boosting your credit score is an essential step towards getting better loan rates and even qualifying for a mortgage. One of the most important things you can do to have a healthier credit report? Make sure your payments are never late. Still, almost half of Brits don’t think late payments have an effect on their score. Other things that can have a direct impact on your credit score include: Whether you’re registered to vote Bankrupcies in the past six years How many loans and credit cards you have open Past debts Fixing your credit report and why you should  In order to have a healthy credit report, you first need to spend some time working on fixing errors that could be affecting your overall score.  If you notice mistakes, that’s where you should start. Is a debt you paid off still showing as unpaid? Or is a reported missed payment for a service you’ve already cancelled still there? Disputing these issues with the credit reporting agencies could help your score right away.  Next, take a look at your overall credit utilisation. If you have £20,000 of credit available (through credit cards, for example) and you’re using most of it, this actually lowers your score. Paying off debt will not only better your overall finances but also improve your score. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading The HSBC share price could be fuelled by recent cracking results UK shares to buy today: 2 FTSE 100 stocks I’d acquire right now Where will the IAG share price go next? Why easyJet, BP and Rolls-Royce shares are among Q1’s most traded The Saga share price is up 69%! I still think the stock’s cheap The post 45% of Brits don’t think missed payments affect their credit score appeared first on The Motley Fool UK.
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  12. What’s a good credit score for a mortgage? (15/05/2021 - The Motley Fool UK)
    Credit scores play a big role in determining whether or not you qualify for a mortgage. But what exactly constitutes a ‘good’ credit score for a mortgage? Is there a minimum credit score you need to have to buy a house in the UK? We tell you everything you need to know. [top_pitch] What is a credit score? A credit score is a three-digit number that indicates your creditworthiness. It gives companies and lenders an idea of how reliable you are when it comes to borrowing and repaying the money. The score is based on the information in your credit report. The maximum score you can have depends on the credit reference agency that compiles your credit report. There are three main credit reference agencies in the UK: Experian Equifax TransUnion Experian calculates your score out of a total of 999, Equifax out of 700 and TransUnion out of 710. The closer you are to the maximum score, the more attractive you are to lenders. What credit score is considered ‘good’? What constitutes a good credit score will vary depending on the credit agency. Here is a snapshot of how the three agencies categorise your credit score. Rating Experian Equifax TransUnion Excellent 961-999 466-700 628-710 Good 881-960 420-465 604-627 Fair 721-880 380-419 566-603 Poor 561-720 280-379 551-565 Very poor 0-560 0-279 0-550 Since all three main agencies base their scores on your financial history, you will likely fall into the same rating category with all of them. So if your rating is ‘good’ with Experian, it’s likely to be ‘good’ with Equifax and TransUnion as well. Is there a minimum credit score needed to get a mortgage? No. There isn’t a minimum credit score needed for a mortgage in the UK. The score you need will vary from lender to lender. Your score will, however, have a huge impact on the type of mortgage that you are able to get. The higher your score is, the better your chances of getting the mortgage you want. As an example, here is how your Experian credit score can affect the mortgage deals you might get: Excellent: You could get the best mortgage deals with the lowest interest rates. Good: You could get most but not all the best mortgage deals. Fair: You might get approval for a good mortgage deal with reasonable interest rates. Poor: You may get mortgage deals but with relatively higher interest rates. Very poor: You may be declined for a mortgage or only be offered one with very high interest rates. How can I get a mortgage with a poor credit score? It’s possible to get a mortgage with a poor credit score, but there is also a higher chance that you will be declined. Luckily, there are lenders who specialise in offering mortgages to people with poor credit scores. If you have a poor credit score and are unsure about your chances of being approved by traditional lenders, these specialist lenders may be worth considering. [middle_pitch] How can I improve my credit score? There are several steps you can take to improve your credit score and increase your chances of being approved for the mortgage deal you need. Register to vote. Being on the electoral register proves who you are and where you live. Apply for new credit sparingly. Making too many credit applications in a short period of time can be seen by mortgage lenders as a sign of financial distress and can make them wary of lending to you. Pay your bills on time. Late payments will appear on your credit report and negatively affect your score. Pay down your debt. Lenders might be reluctant to lend to you if you already have significant existing debt. Try to cut it down before you make a new application. Stay within credit limits. Keeping balances at 25% or less of your credit limit can help keep your score in good condition. Take out a credit-builder card. These are made specifically for people with no or poor credit, who want to improve their credit score. By spending a small amount on the card and paying the balance in full every month, you can raise your score over time. As a final note, make a habit of checking your credit report regularly to ensure that the information there is accurate and there are no errors. Mistakes on your credit report can have an impact on your credit score, so it’s critical to identify and correct them before applying for a mortgage. This will ensure that your mortgage options are not limited by something that’s not your fault. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading The best UK biotech shares to buy in 2021? What happens if I don’t pay my mortgage? I’d invest £10k in the Scottish Mortgage Investment Trust 5 reasons I think Lloyds share price can touch 60p The FTSE 100 crashed back below 7,000 this week. Here’s what I’d do The post What’s a good credit score for a mortgage? appeared first on The Motley Fool UK.
    [visit article]
  13. What’s a good credit score for a mortgage? (15/05/2021 - The Motley Fool UK)
    Credit scores play a big role in determining whether or not you qualify for a mortgage. But what exactly constitutes a ‘good’ credit score for a mortgage? Is there a minimum credit score you need to have to buy a house in the UK? We tell you everything you need to know. [top_pitch] What is a credit score? A credit score is a three-digit number that indicates your creditworthiness. It gives companies and lenders an idea of how reliable you are when it comes to borrowing and repaying the money. The score is based on the information in your credit report. The maximum score you can have depends on the credit reference agency that compiles your credit report. There are three main credit reference agencies in the UK: Experian Equifax TransUnion Experian calculates your score out of a total of 999, Equifax out of 700 and TransUnion out of 710. The closer you are to the maximum score, the more attractive you are to lenders. What credit score is considered ‘good’? What constitutes a good credit score will vary depending on the credit agency. Here is a snapshot of how the three agencies categorise your credit score. Rating Experian Equifax TransUnion Excellent 961-999 466-700 628-710 Good 881-960 420-465 604-627 Fair 721-880 380-419 566-603 Poor 561-720 280-379 551-565 Very poor 0-560 0-279 0-550 Since all three main agencies base their scores on your financial history, you will likely fall into the same rating category with all of them. So if your rating is ‘good’ with Experian, it’s likely to be ‘good’ with Equifax and TransUnion as well. Is there a minimum credit score needed to get a mortgage? No. There isn’t a minimum credit score needed for a mortgage in the UK. The score you need will vary from lender to lender. Your score will, however, have a huge impact on the type of mortgage that you are able to get. The higher your score is, the better your chances of getting the mortgage you want. As an example, here is how your Experian credit score can affect the mortgage deals you might get: Excellent: You could get the best mortgage deals with the lowest interest rates. Good: You could get most but not all the best mortgage deals. Fair: You might get approval for a good mortgage deal with reasonable interest rates. Poor: You may get mortgage deals but with relatively higher interest rates. Very poor: You may be declined for a mortgage or only be offered one with very high interest rates. How can I get a mortgage with a poor credit score? It’s possible to get a mortgage with a poor credit score, but there is also a higher chance that you will be declined. Luckily, there are lenders who specialise in offering mortgages to people with poor credit scores. If you have a poor credit score and are unsure about your chances of being approved by traditional lenders, these specialist lenders may be worth considering. [middle_pitch] How can I improve my credit score? There are several steps you can take to improve your credit score and increase your chances of being approved for the mortgage deal you need. Register to vote. Being on the electoral register proves who you are and where you live. Apply for new credit sparingly. Making too many credit applications in a short period of time can be seen by mortgage lenders as a sign of financial distress and can make them wary of lending to you. Pay your bills on time. Late payments will appear on your credit report and negatively affect your score. Pay down your debt. Lenders might be reluctant to lend to you if you already have significant existing debt. Try to cut it down before you make a new application. Stay within credit limits. Keeping balances at 25% or less of your credit limit can help keep your score in good condition. Take out a credit-builder card. These are made specifically for people with no or poor credit, who want to improve their credit score. By spending a small amount on the card and paying the balance in full every month, you can raise your score over time. As a final note, make a habit of checking your credit report regularly to ensure that the information there is accurate and there are no errors. Mistakes on your credit report can have an impact on your credit score, so it’s critical to identify and correct them before applying for a mortgage. This will ensure that your mortgage options are not limited by something that’s not your fault. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading The best UK biotech shares to buy in 2021? What happens if I don’t pay my mortgage? I’d invest £10k in the Scottish Mortgage Investment Trust 5 reasons I think Lloyds share price can touch 60p The FTSE 100 crashed back below 7,000 this week. Here’s what I’d do The post What’s a good credit score for a mortgage? appeared first on The Motley Fool UK.
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  14. Getting rejected for loans? Here is how you can be a smart borrower (09/04/2021 - Financial Express)
    With such easy access to credit, borrowers who have taken the process for granted, get rejected for further loans from NBFCs and instant loan providers, as a result of poor credit score and credit history. Here is how to stay out of the cycle;
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  15. Can I get a mortgage with an IVA? (15/05/2021 - The Motley Fool UK)
    Getting on the property ladder is a dream for many. However, for those with debts that are out of control and a poor credit rating, getting a mortgage might feel unattainable. An IVA could help you get on top of your debts to make your dream a reality. Let’s find out whether an IVA is right for you and whether you can get a mortgage with an IVA. [top_pitch] What is an IVA? IVA stands for individual voluntary arrangement. It is a legally binding agreement between you and your creditors to repay all of your debts by collecting and converting them into a single monthly payment. IVAs work through insolvency practitioners (IP), who act as intermediaries between you and your creditors. The insolvency practitioner draws up a proposal indicating how you will repay your debts within five to six years. Basically, you will be paying the IP a single monthly payment. The IP will then distribute the payment to your creditors based on how much the proposal indicates. The IP may also collect a fee for their services. Is an IVA a good idea? In a word, yes. However, it’s a good idea to speak to an IP to determine whether an IVA is right for you based on your unique circumstances before you proceed. An IVA can help to show lenders that you are taking responsibility for your debts and working towards a better credit score. [middle_pitch] Can I get a mortgage with an IVA? Yes, it’s possible. However, it can be challenging. Debts affect your credit score, especially if you have financial difficulties. Your credit score is one of the first things lenders consider when determining whether your mortgage application will be successful. An IVA may help to get your debts under control, but it will show on your credit report. Most mortgage lenders view borrowers with IVAs as high risk, meaning it can be difficult for your mortgage application to succeed. Additionally, even if you find a lender that will agree to give you a mortgage, the terms may not be favourable. It might be best to consult a financial adviser or mortgage broker to find out the best options for your situation. It is also likely that you will need approval from your IP before you can take on any new debt. Do I have to declare an IVA on my mortgage application? It is recommended that you declare your IVA on your mortgage application. If you don’t, your mortgage lender will see it on your credit report anyway. If you declaring your IVA on your mortgage application, it shows the mortgage lender that you are responsible. It may increase the chances of your mortgage application being successful. If not, the lender may rightly wonder why you chose not to disclose it and may ultimately consider you a higher risk. Once your IVA has been cleared from your credit record, you no longer have to declare it when applying for credit. How long does an IVA stay on my credit report? An IVA stays on your credit record for as long as it is active, which is usually five to six years. Once you clear your debts, the IVA will be erased from your report, and you can start rebuilding your credit rating. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading Why has the Argo Blockchain share price been falling? This is what I’m doing about the Argo Blockchain share price! What’s a good credit score for a mortgage? The best UK biotech shares to buy in 2021? What happens if I don’t pay my mortgage? The post Can I get a mortgage with an IVA? appeared first on The Motley Fool UK.
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  16. Gender credit gap: women pay £17k more to borrow over lifetime (17/04/2021 - The Motley Fool UK)
    It’s well documented that on average, women generally earn less than men. But did you know that women also typically pay more total interest than men when borrowing? New research from credit management platform Credit Karma has revealed a gender credit gap with women paying thousands of pounds more to borrow over their lifetime.  [top_pitch] What is the gender credit gap and how big is it? According to Credit Karma, women could end up paying close to £17,000 more than men over their lifetime when they borrow money. That is mainly because of lower credit scores, which means that women have to pay more in interest for a wide variety of financial products, including credit cards, mortgages, and unsecured loans. Credit Karma found that women have lower credit scores on average than men (652 vs 705). In addition, a larger percentage of women (19.5%) have a credit score below 550 than men (11.5%). Basically, women are more likely to fall into the subprime category for lenders, which makes accessing financial products more difficult and expensive for them. Credit Karma worked out how much interest consumers would need to pay on financial products like mortgages and credits based on their credit scores and discovered that women would have to pay £152,403 while men would have to pay £135,490. That’s a difference of 16,913! Why do women have lower credit scores? Credit Karma says that the difference in credit scores between men and women is primarily driven by women’s more conservative financial behaviour, relationship dynamics on who sorts the bills and borrowing preferences. In regards to relationship dynamics, for example, nearly a third (31%) of women have some or all of their financial agreements in their partner’s name. The ultimate result of this is that it limits women’s exposure to credit. It leaves them with little or no credit rating should the relationship end. The research also suggests that women are less likely to access financial products that would positively impact their credit score, including personal loans and mortgages. Instead, they are more likely to turn to unregulated forms of borrowing such as buy now, pay later that often have no positive credit score impact. What’s perhaps even more concerning is that the pandemic could make things worse for women. More women than men have been laid off or furloughed during the pandemic (20% vs 14%). In addition, more women than men have seen their income diminish over the last 12 months (32% vs 30%). [middle_pitch] How can we solve the gender credit gap? Credit Karma encourages women to take a more hands-on approach to managing money. This comes after it was discovered that more women (41%) than men (35%) do not know their credit score. Knowing your credit score allows you to create a plan for improving it. This can lower your borrowing costs in the long run. Here are a few useful tips for improving your credit score:  Pay your bills on time, including utilities. This will help you avoid late charges and fees being reported to credit bureaus. Remember that even one late payment can bring down your credit score as it stays on your report for years. Ensure you have some bills or lines of credit in your name (not your partner’s or your parents’ names). Without sources of credit, lenders don’t have any way of assessing your creditworthiness. Check your credit score and credit report regularly and dispute inaccuracies. You are entitled to a free annual credit report from each of the three major credit reference agencies in the UK (Experian, TransUnion and Equifax). Get on the electoral register. This proves who you are as well as where you live. It might be easier to get approval for credit if you are on the register. Ensure that you are at least using some credit every month and paying it off. This can help show that you are a responsible money manager and improve your standing with lenders. For more, check out our guide on how to improve your credit score. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading 2 UK penny stocks and 2 FTSE 100 shares to buy today! I was right about the BT share price! Here’s what I’d do now The Tesco share price looks cheap to me: here’s why I’d buy 2 FTSE 100 stocks to watch Top growth stocks for April 2021 The post Gender credit gap: women pay £17k more to borrow over lifetime appeared first on The Motley Fool UK.
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  17. Why has my credit score dropped? Five reasons why (10/02/2021 - The Motley Fool UK)
    It’s no secret that missing a payment or making a late payment on a loan or a credit card can seriously harm your credit score. But your credit score can also drop for many other reasons – some of which might not be so obvious.  If your score has recently dropped, here are five reasons it might have happened, as well as tips for fixing them. 1. You closed an old credit card Many people actually make the mistake of thinking that closing an old credit card will help to improve their score. Unfortunately, this is not the case. When you close a credit card, the credit limit on the card is removed from your credit records. As a result, the total credit available to you reduces. It then looks like you’re using more of the credit that’s available to you, meaning that your ‘credit utilisation ratio’ goes up. Your credit utilisation ratio is the percentage of the total credit available to you that you’re actually using. The impact of a higher credit utilisation ratio (using more of the credit you have available) is a lower credit score. So, in a nutshell, think carefully before closing an old credit card. Keeping it open – even if you don’t use it – might actually be beneficial for your credit score. 2. Someone else missed a payment  If you co-signed a credit card or loan agreement for someone and they missed a payment, your credit score could drop as a result. Even if you’re not the primary borrower, it’s ultimately your responsibility to ensure payments are made on time if you don’t want your credit score to be affected. That could mean sending gentle reminders to the co-signer before the payment’s due date or, if need be, helping them to cover any payment deficits. 3. You card issuer lowered your credit limit Credit card issuers sometimes lower customers’ credit limits for different reasons. It could, for instance, be in response to a troubling development in your credit report. The result of a lower credit limit is a higher credit utilisation ratio and a drop in your credit score. If this even happens, call your lender and ask why your credit limit was reduced and whether there is anything you can do to raise it.   4. There was a hard search on your credit report Every time you apply for a new credit card or loan, the lender will request a copy of your credit report from one of the major credit reference agencies (Experian, TransUnion and Equifax) before they approve your application. This is known as a hard search, and it can cause your credit score to drop by a few points. A hard search is often unavoidable when you’re applying for a new credit card or loan. However, the effect of a hard search is temporary. The search only stays in your record for 12 months before it naturally drops off. Having said that, several hard searches can cause some serious damage to your credit score. To minimise the number of hard searches on your report, consider spacing out any applications for new credit. A good rule of thumb, according to Experian is no more than one application every three months. It might also be a good idea to limit your credit applications to those that have a high chance of approval. 5. There are errors in your credit report Sometimes, a credit score drop may be due to errors and mistakes in your credit report. One of your payments could have been reported as late or recorded on a wrong account. Or you might have been a victim of identity theft. That’s why it’s useful to monitor your credit records. Make a habit of requesting and reviewing your credit report frequently in order to identify any errors. If you find any, you can then take action to fix them. Final word There are plenty of reasons why your credit score might drop. The good news is that most causes can be avoided or fixed through a few simple actions. For more useful tips on getting your credit back in shape, check out our article on how to improve your credit score. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading FTSE 100 stocks: here’s why I’m buying these 2 growth shares Stock investing: 3 of the best income shares I’d buy right now UK investing: why I think the Taylor Wimpey share price is a buy Cheap shares: these stocks paid out £40bn in cash last year. I’m buying some! Should I invest in Rolls-Royce shares now? The post Why has my credit score dropped? Five reasons why appeared first on The Motley Fool UK.
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  18. Understanding your credit report and credit score (24/03/2021 - The Motley Fool UK)
    Understanding your credit report and credit score can be key if you want to keep your personal finances healthy. It means that you can confidently apply for credit, or even find out if you have been a victim of fraud. What is in your credit report? Your credit report is basically your financial CV. It is a record of your financial life, including accounts you hold, money you have borrowed and information about your identity. It is there so lenders can confirm you are who you say you are and that you are a reliable borrower. So what exactly is in your credit report? Let’s break it down: A list of your credit accounts – bank and credit cards, loans and utility company debts Details of anyone financially linked to you, so anyone you have taken joint credit out with Information like CCJs, house repossessions, bankruptcies and IVAs Your current account provider and any overdraft details Whether or not you are on the electoral register Your name and date of birth Current and previous addresses Whether or not you have committed fraud, or if someone has stolen your identity and committed fraud You’ll find all of this information broken down in your report. So it is worth checking that all of the information on file is correct. Any details on fraudulent actions will be held under the Cifas section. Cifas is a national fraud prevention scheme and it can place markers on your credit report to highlight if you have been a victim of impersonation. [top_pitch] How do you check your credit report? There are three credit reference agencies (CRAs) in the UK: Equifax, Experian and TransUnion. You may be wondering why there’s more than one CRA. Well, not all lenders share data with all three CRAs. So it is worth checking your credit report with each one because they may well differ depending on what lender has shared what information. It is possible to check your score for free, as all CRAs have an obligation to provide you with a copy of your credit report without charging you. Alternatively, each of the agencies has some sort of full credit monitoring service that you will typically pay for after the initial trial period. Is a credit report different from a credit score? In a nutshell, yes. Your credit report is different from your credit score. In fact, you do not have a universal credit score. If this has just blown your mind, then let me explain. A credit score is an assessment by a particular lender about whether or not you are a risk to lend to. It is entirely based on their own assessment criteria. You may well find that the CRAs provide you with a ‘credit score’. But in reality, this is just an indication of what your credit score could be with a lender based on the information they have. If you have a ‘good’ credit score, there is no guarantee that your application will be accepted and that you will be offered the headline rate. That is purely down to the lender and whether or not they are happy to lend to you. That said, the better your credit score, the bigger the chance you will be able to borrow money. [middle_pitch] How do I understand my credit score? As we have covered, there is no universal credit score. So understanding it can be quite tricky. The scores you get from each of the credit reference agencies will all be different. So here’s a basic overview of how each CRA presents scores: Experian – Scores are broken down into five categories: very poor (0-560), poor (561-720), fair (721-880), good (881-960) and excellent (961-999). Equifax – Scores are out of 900. Good is 400-474, and excellent is anything between 475 and 900. TransUnion – TransUnion has a slightly different system. Scores are out of 1,000 but are accompanied by your credit rating. So you will also have your ‘overall credit worthiness’ scored as a number from one to five. If you are unhappy with your credit score, then there are ways to improve it. Check out our article on how to improve your credit score. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading The Avacta share price is up 1,750% in 1 year! Should I buy now? Could Clovis Oncology (CLVS) shares be the next GameStop? What I’m doing with the bargain Carnival share price 3 penny stocks I’m considering buying before the Stocks and Shares ISA deadline This is why I’d ignore the Cineworld share price and buy other cheap UK shares! The post Understanding your credit report and credit score appeared first on The Motley Fool UK.
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  19. Score Media rallies after Credit Suisse points to large market potential (23/03/2021 - Seeking Alpha)

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  20. How might a mortgage payment holiday affect my credit score? (25/03/2021 - The Motley Fool UK)
    The deadline for applying for a mortgage payment holiday is fast approaching. The option was introduced to help customers struggling to make their repayments because of coronavirus. Payment holidays have given borrowers a little bit of breathing room while times have been tough. However, what does taking a break from your mortgage payments mean for your credit score? Research from mortgage broker Haysto shows that 73% of UK homeowners are worried that it could impact their score. A further 10% believe it will ‘definitely’ have a negative effect. What do I need to know? The deadline to apply for a mortgage payment holiday is coming up. If you haven’t had a payment holiday yet, you can still request one up until 31 March 2021. Even if you have had one, or are currently on one, you can ‘top-up’ and apply for a payment holiday of up to six months in total. This means not having to make your mortgage repayments for six months. But there are some key things to be aware of: You will still be charged interest during the payment holiday. So it is only a good idea to request a holiday if you really need to. You will need to pay your full mortgage back eventually. So to make up for taking the holiday, you’ll either have to increase your monthly payments or extend your mortgage term. Will a mortgage payment holiday affect my credit score? When mortgage payment holidays were announced, it was emphasised that taking one should not affect your credit score. And that is still the case. The break in your repayments won’t be reported as missed payments. Typically, if you miss a mortgage payment, your lender will have to inform the credit reference agencies and it will then show up on your report. But if you have agreed a mortgage payment holiday, then it will be reported as if a payment has been made. What’s the future impact? It is worth being aware that future lenders will still be able to find out about a mortgage payment holiday. Either they will see a gap in the payment history, or they will see that your mortgage balance isn’t going down. This isn’t necessarily a bad thing. It’s not a black mark on your report like a missed payment. But it depends on the lender’s criteria as to whether or not they want to consider this a factor when deciding whether or not to lend to you. As we cover in our article on understanding your credit report and credit score, there is no single credit scoring system used by all lenders. It is more about a lender’s own appetite for risk and criteria for the type of borrower they want. Another thing to bear in mind is that because you will still be charged interest during the holiday, your mortgage balance will be higher. This means that your overall financial health may be affected. So if lenders are doing affordability checks, you may appear to be in a worse position than before your holiday. If you are worried about your credit score, there are some simple ways to improve it. Take a look at our three tips for improving your credit score. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading The GGP share price is down 45% in 2021. Should I buy? The Cineworld share price is tumbling today. Could it be a contrarian FTSE buy? 12.5% drop in average age of new UK traders in 2021 The Cineworld share price bounces back from 88p! Would I buy this stock today? Can the RDSB share price benefit from Tesla’s stumble? The post How might a mortgage payment holiday affect my credit score? appeared first on The Motley Fool UK.
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  21. In One Chart: Travel and leisure top list of corporate credit ratings in flux during pandemic (09/04/2021 - Market Watch)
    The global pandemic is disrupting lives and businesses around the world, but also the credit ratings of big corporations.
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  22. In One Chart: Travel and leisure top list of corporate credit ratings in flux during pandemic (09/04/2021 - Market Watch)
    The global pandemic is disrupting lives and businesses around the world, but also the credit ratings of big corporations.
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  23. NerdWallet: A new breed of credit cards is easier to get, even in hard times (22/04/2021 - Market Watch)
    Some fintech startups picked up the slack when the major credit card issuers slashed credit limits during the pandemic. Here's how some of them work.
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  24. These areas have the best credit scores in the UK (04/05/2021 - The Motley Fool UK)
    You probably already know that a good credit score is important if you want to borrow money. But did you know that average credit scores vary depending on where you live? New research from Moneybarn reveals the areas with the best and worst credit scores in the UK. This is based on average scores out of 1,000 awarded by Experian for each local authority. If you want to know which areas have the best credit scores, read on. Best by local authority 1. City of London With the best average score of 877 out of 1,000, the City of London takes the top spot. This should come as no surprise since this is the historic financial district of London. So the majority of its residents will have above-average incomes and high credit scores to match. 2. Wokingham Wokingham comes a close second with an average score of 864. This is a Berkshire market town 37 miles west of London. Wokingham is home to some of the top earners in the UK, and more than 80% of its residents are homeowners. 3. Chiltern Chiltern in Buckinghamshire has an average score of 862. It is a popular commuter area with good transport links to London. Many high earners choose to settle here because of the good schools and areas of outstanding natural beauty. 4. Richmond upon Thames With a score of 860, Richmond upon Thames is fourth on the list. It’s a London borough that includes areas such as Hampton Court, Bushy Park and Twickenham. Salaries are above average and the rate of unemployment is low when compared with the rest of London. 5. Elmbridge A score of 859 places Elmbridge in the top five. The area has been nicknamed ‘England’s Beverly Hills’ due to its rich and famous residents past and present, including Andy Murray, Kate Winslet and Sir Cliff Richard. Best by region Unsurprisingly, the research shows that there is a clear North-South divide with respect to credit scores. The best regions are as follows: 1. South East With an average score of 810, residents in the South East of England had the highest credit scores in the UK. This area includes Wokingham, Chiltern and Elmbridge, which are all in the top five by local authority. 2. South West With a score of 801, this region includes Dorset, Bath and Northeast Somerset, the Cotswolds, Gloucestershire and Cheltenham. This may be surprising for some, but the South West of England ticks many boxes when it comes to wealth indicators. 3. London Despite the fact that the City of London had the best average score by local authority, London is in third place overall with a score of 798. London is the largest city in the UK in terms of area and population. It is home to residents spanning a wide range of financial backgrounds and credit scores. 4. East of England With a score of 796, this region includes high scoring authorities in Cambridgeshire, Hertfordshire, Norfolk and Suffolk. However, there is an inequality between the highest and lowest earners in the area resulting in a wide range of scores. 5. Northern Ireland Northern Ireland scored 786. This region includes the district councils of Lisburn & Castlereagh; Newry, Mourne & Down; and Fermanagh & Omagh. All of these councils scored 800 or above. Take home While these scores are an indication of the financial state of specific areas, there are many things you can do to get your personal credit score in shape. Check out our article on how to improve your credit score for some helpful tips. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading The ITM Power share price is down over 10% today. Should I buy now? A cheap UK reopening stock I’d buy in May Will the Marston’s share price recover in 2021? Can the Helium One share price continue to surge? Here’s why the Argo Blockchain (ARB) share price is surging The post These areas have the best credit scores in the UK appeared first on The Motley Fool UK.
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  25. L’Oréal a credit union for people to make payments on whatever. I’ve been noticing for some couple years now that it doesn’t take a lot to be able to fraud to get a payment plan wether you have good credit score or not. Dr.Burry has been warning us. (19/04/2021 - Reddit Stock Market)
    L’Oréal Union Bank L’Oréal a credit union for people to make payments on whatever. I’ve been noticing for some couple years now that it doesn’t take a lot to be able to fraud to get a payment plan wether you have good credit or bad credit. Check Facebook market place for cars, half of the descriptions that are posted by car dealers Invite people with bad credit or no credit at all. This is bad as you can see too much saturation of this lending out loans to people with terrible fico scores can only mean two things. These people with bad and/or no fico scores will be missing payments or perhaps they will pay it. What do you think happened in 2008? I mention L’Oréal because this one of the credit unions I saw being finessed to give a loan to people with low fico scores. I’m sure there are more frauds happening beyond just car payments. With warnings from Dr.Burry I truly believe the market will crash as we know it. Will the government step in? I say more than likely.   submitted by   /u/Theninen [link]   [comments]
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  26. Credit cards: Know the finer details of your credit card (03/06/2021 - Financial Express)
    Many credit cards also come with the facility of converting eligible expenses post-purchase into EMIs to make them more affordable
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  27. Does pre-approval guarantee a credit card? (22/03/2021 - The Motley Fool UK)
    Have you ever received a letter from a credit card provider offering you pre-approval on a new card? Are you wondering if this is a guarantee? Read this article to find out. What is a credit card pre-approval? It’s a special invitation that is sent by a credit card provider to encourage you to apply for a credit card. Card providers prescreen mailing lists or their own customer databases using criteria such as credit scores. This is a ‘soft inquiry’ so it has no effect on the credit scores of those people that are prescreened. Once they have selected appropriate potential customers, they send out invitation letters. These letters come with an application form and very often include special deals such as a low interest rate for a limited period. [top_pitch] Why are they used? The main reason credit card providers send these letters is to promote their products. It’s an effective marketing tool used to attract new customers with special deals. In the past, you may have received letters from card providers inviting you to apply for their products. This is because your name appears on a mailing list or because you already have a credit card. Does it guarantee a credit card? No, it does not. The term ‘pre-approval’ gives the misleading impression that you will automatically receive a card, but that is not the case. The soft inquiry undertaken by the card providers will not identify any problems in your full credit history. So it is not enough to guarantee approval for a credit card. So what is the point? It’s understandable to think that this type of offer is just a clever marketing ploy. However, there are some advantages to using pre-approved offers. You can avoid the time-consuming search for the best card since the card providers are coming to you. The offer does not affect your credit score. While it is not guaranteed, you may have a better chance of getting a pre-approved card then you would if you approached a provider without pre-approval. You may get a better interest rate than you would if you approached a provider without an invite. Remember that it’s a marketing exercise, so pre-approval tends to come with special offers. Such offers include intro bonuses, air miles or 0% introductory APR on balance transfers or purchases. What happens when you apply? Following pre-approval, you will need to submit an application form. The card provider will then be able to examine your full credit history. This is a ‘hard inquiry’ that can have an impact on your credit score. The card provider will use the information from this hard inquiry to determine whether or not you will receive a card. Bear in mind that the provider will also use this information to decide on an appropriate interest rate. This may not be the rate advertised in the letter they sent to you. [middle_pitch] How can you get pre-approval? If you have not received this type of offer, it could be because your credit score is too low. It is worth taking steps to improve your credit score. This will increase your chances of receiving offers from card providers. Can you get a credit card without one? Yes, you can. Your chances of getting a credit card will be dependent on your credit history and credit score. It is possible to get a credit card without pre-approval. You can apply directly to a card provider and you don’t need an invitation. Final thoughts If you receive this type of letter from a card provider, it’s a good idea to read all the information and make sure you understand the terms and conditions. If you are looking for a credit card, check out our 2021 credit card reviews. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading 2 penny shares I’d buy right now for capital and income growth Got £750 to invest? Here are my 2 best cheap shares to buy now! Scottish Mortgage Investment Trust isn’t all I’ve been buying What is a trust fund and how does it work? Adding US tech stocks to my portfolio right now: yes or no? The post Does pre-approval guarantee a credit card? appeared first on The Motley Fool UK.
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  28. Stocks/ETFs to invest in now in preparation for post-pandemic travel/resorting? (07/06/2021 - Reddit Stocks)
    New investor here, trying to diversify my portfolio. Seeing as the pandemic is slowly coming to an end with vaccinations, what are some ETFs or stocks I should look into in preparation for post-pandemic travel? I was thinking of the JETS etf, or should I go for a specific airline instead? Also, MGM looks like it could be profitable as people go to resorts post-pandemic. Thoughts?   submitted by   /u/angeredduck [link]   [comments]
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  29. Foreign tax credit can’t really understand it. (03/04/2021 - Reddit Stocks)
    So confused with foreign tax credit So I have seen YouTube videos and read about foreign tax credit and I really can’t understand and feel really d*mb. If someone would explain it with some examples it would be great. Foreign tax credit only applies to taxable account correct? Not Roth IRAs? I will delete this post in a bit after a couple of responses. I just need guidance   submitted by   /u/DiegoRo08 [link]   [comments]
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  30. Foreign tax credit can’t really understand it. (03/04/2021 - Reddit Stocks)
    So confused with foreign tax credit So I have seen YouTube videos and read about foreign tax credit and I really can’t understand and feel really d*mb. If someone would explain it with some examples it would be great. Foreign tax credit only applies to taxable account correct? Not Roth IRAs? I will delete this post in a bit after a couple of responses. I just need guidance   submitted by   /u/DiegoRo08 [link]   [comments]
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  31. Should I get a credit card? X ways to know for sure (07/03/2021 - The Motley Fool UK)
    Should you get a credit card? The answer isn’t always clear cut for everybody. They offer lots of benefits, but if you’re not careful, they can also get you into a lot of financial trouble. Whether or not you should get a credit card will depend on your own circumstances and needs. Take a look at the following six questions to help you decide whether a credit card could work for you.   [top_pitch] 1. Do you need to build up your credit score? One of the best reasons to get a credit card is to help build your credit score. Credit cards create a track record of how you handle money. Using a credit card responsibly shows that you’re good at repaying your debts on time and not missing payments. This can be helpful when you apply for a loan or a mortgage. Of course, not making your payments on time can have the opposite effect and really hurt your credit score. 2. Can you afford to pay back what you spend? Remember that credit score you’re trying to build up? If you fail to make your monthly payments on time, a card can actually hurt your credit score. Plus, letting debt grow will lead to high-interest payments. This can quickly spiral into serious debt if you’re not careful. 3. Do you shop online a lot? Credit cards offer protection for most purchases with a value of over £100. Depending on the card, this protection might extend up to £30,000. This is something you don’t get when you pay with cash, and it’s something debit cards don’t always offer. According to the Money Advice Service, this protection encompasses many areas, including when you make a deposit for your purchase (even if you haven’t paid the whole amount yet). Credit card protection also covers holidays or flights you book if they are cancelled, or the airline or travel company goes bust. [middle_pitch] 4. Will you take advantage of the rewards? Rewards credit cards are a great way to get freebies for purchases you would be making anyway. Rewards credit cards offer rewards in the form of points for each pound you spend. Some offer bonus points for shopping with specific retailers. These points could translate to free hotel stays, cashback or reward points, depending on which card you choose. 5. Are you more likely to need cash? Lots of things can be paid only in cash or with transfers. Although it’s possible to make a cash withdrawal from your credit card, it will cost you dearly to do so. Most cards charge you a fee for a cash advance, plus interest that starts accruing as soon as you take the money from the ATM. You will pay these fees even if you make your regular monthly payment on time. In an emergency, having the convenience of getting cash quickly can be wonderful. But if withdrawing cash is a regular practice for you, the costs of doing so with a credit card will add up and could hurt you in the long run. 6. Do you need help budgeting? Creating a budget is an essential step to paying off debt, saving money and getting ahead financially. But keeping track of your cash expenses can be difficult. £1 spent here and £5 there can add up quickly. Using a credit card can be a good way to track where your money is going. If you commit to not using cash for a while and instead pay for things with your credit card, your monthly statement will show you exactly where you’re overspending and where you need to cut back. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading Are UK shares an early Christmas present? 2 of the best stocks to buy now with £1,000 Time-poor investor? Here’s how I aim for share gains without obsessing FTSE 100: 2 of the best UK shares to buy before the ISA deadline Are these 2 of the best cheap FTSE 100 shares to buy before the ISA deadline? The post Should I get a credit card? X ways to know for sure appeared first on The Motley Fool UK.
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  32. Six key steps to follow when selecting stocks (11/02/2021 - Financial Express)
    Select stocks based on fundamentals. Check their M Score and Piotroski’s Score and don’t go just by their price movement
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  33. Your Money: Use Altman Z score to sniff out bankruptcy potential (23/05/2021 - Financial Express)
    If the Z score is less than 1.81, the firm is a bankruptcy candidate
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  34. U.S. Semiconductor Fab Companies (08/03/2021 - Reddit Stocks)
    I’m not a financial advisor. I write scary stories for a living. The highest level of math I attained was College Algebra, and I got a B. Taking financial advice from me would be a terrible idea, and this isn’t financial advice. I made a list of my favorite publicly traded semiconductor businesses with their own fabrication facilities. The reason why is because I personally believe the semiconductor industry will grow in the long term, and that companies with their own fabs will have a strategic advantage over those that don’t. But I’m only speculating. Here’s my list along with some light DD, all of which is publicly available info: BLAST AWAY!!! ​ STX Seagate Technology Medium Cap ($17.59B) Equity Summary Score Provided By Starmine From Revinitiv: 9.5 Very Bullish 3.65% dividend P/E 19.11 ​ INTC Intel Very Large Cap 246.787B Equity Summary Score Provided By Starmine From Revinitiv: 9.7 Very Bullish 2.29% dividend P/E 12.30 ​ TXN Texas Instruments Large Cap ($154.40B) Equity Summary Score Provided By Starmine From Revinitiv: 9.5 Very Bullish 2.43% dividend P/E 28.13 ​ AVGO Broadcom Very Large Cap ($183.21B) Equity Summary Score Provided By Starmine From Revinitiv: 9.3 Very Bullish 3.2% dividend P/E 52.22 ​ SWKS Skyworks Solutions Medium Cap ($28.60B) Equity Summary Score Provided By Starmine From Revinitiv: 9.3 Very Bullish 1.15% dividend P/E 27.36 ​ TSM Taiwan Semiconductors Very Large Cap ($626.48B) Equity Summary Score Provided By Starmine From Revinitiv: 8.1 Bullish 1.81% dividend P/E 34.51 ​ IBM IBM Large Cap ($109.64B) Equity Summary Score Provided By Starmine From Revinitiv: 6.6 Neutral 5.31% dividend P/E 20.04 ​ MSFT Microsoft Very Large Cap ($1,747.65B) Equity Summary Score Provided By Starmine From Revinitiv: 8.2 Bullish 0.97% dividend P/E 34.52 ​ SNE Sony Large Cap ($128.76B) Equity Summary Score Provided By Starmine From Revinitiv: 9.1 Very Bullish 0.45% dividend P/E 12.53 ​ AAPL Apple Very Large Cap ($2,042.68B) Equity Summary Score Provided By Starmine From Revinitiv: 9.2 Very Bullish 0.68% dividend P/E 32.88   submitted by   /u/JamesGBoswell [link]   [comments]
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  35. : A pandemic paradox: American credit scores continue to rise as economy struggles — here’s why (16/02/2021 - Market Watch)
    'It’s been bizarre with this recession to see credit scores go up.'
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  36. Top tips for securing a self-employed mortgage (16/05/2021 - The Motley Fool UK)
    Employees are treated as a safer bet by lenders, but this doesn’t mean you can’t get a mortgage if you are self-employed. According to the experts at business financial platform Tide, here are the top tips for securing a self-employed mortgage. 1. Get your accounts in order A lender will want evidence that you have your business finances under control. They will also want proof of a steady income. According to Oliver Prill, Tide CEO, the majority of lenders will want to see at least 2 to 3 years of certified accounts. These are accounts that have been prepared by a qualified chartered accountant. 2. Maintain a good credit score As part of your mortgage application, the lender will check your credit score. The higher your score, the greater the chance your application will be accepted. It’s therefore important to maintain a good credit score before applying for a self-employed mortgage. If you are uncertain about your credit score, you can check with the three credit reference agencies for free. They are Experian, Equifax and TransUnion. [top_pitch] 3. Stay on budget As part of your application, lenders will undertake what is known as an affordability assessment. This is an examination of your household finances to make sure you can afford to take on a mortgage. In the months before your application, stick to your budget. Keep your expenditure to a minimum and don’t make any big purchases such as a luxury holiday. 4. Be realistic Let’s face it, not everyone that wants to become a homeowner is in a position to buy a home. With this in mind, it’s a good idea to take a critical look at your financial situation before applying for a self-employed mortgage. If you are struggling to make ends meet, it’s highly unlikely that your application will be successful. If this happens, it could negatively affect your credit score and you will need to wait before making another application. Look at your finances with a critical eye. For further information, check out our article on the seven things that could stop you from getting a mortgage. [middle_pitch] 5. Consider saving for a bigger deposit While it’s now possible to get a mortgage with a 5% deposit, that may not be the case if you are self-employed. Unfortunately, lenders will often insist that you have a deposit of at least 20% when applying for a self-employed mortgage. Generally, when it comes to deposits, the larger the better. It’s worth waiting a while until you have a bigger deposit before submitting an application. 6. Get professional advice A mortgage broker will give you professional advice on what type of mortgage would suit you. They will search the market for the best deal and help you with your application. If you are applying for a self-employed mortgage, it is worth consulting a mortgage broker who can guide you through the application. For further information, check out our article on how to choose a mortgage broker. Further information If you have never had a mortgage before, it’s a good idea to undertake some research before seeking professional advice. Further information is available in our Complete Guide to Mortgages. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading UK shares: 3 ways I’d invest £3k today Can the BT share price continue to surge? 2 green stocks I’d buy with £10k and look to hold for 10 years 3 penny stocks I’d buy 5 UK shares I’d buy for a passive income The post Top tips for securing a self-employed mortgage appeared first on The Motley Fool UK.
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  37. Personal Finance Daily: Wealthy people changed the way they gave to charity during the pandemic and banks are offering credit cards to people without credit scores — should you get one? (18/05/2021 - Market Watch)

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  38. Can I lie on a credit card application? (05/05/2021 - The Motley Fool UK)
    If you are experiencing financial difficulties, the temptation may creep in to lie on a credit card application. However, doing so can have some serious consequences. We take a look at the key reasons why it’s a bad idea. [top_pitch] Is it bad to lie on a credit card application? Yes. It’s not a good idea to lie on a credit card application because it is illegal, ethically wrong and is likely to damage your credit score. Lying on your application to access a card you cannot afford could lead to financial problems and even bankruptcy. Can you lie about your age on a credit card application? No. Confirming your age is among the first things credit card lenders do. Most credit card providers only issue credit cards to people aged between 18 and 65.  What happens if you lie on a credit card application? You will likely be prosecuted for fraud if caught lying on a credit card application, which could result in a significant fine or even jail time. Such a crime goes on your credit report. If you need credit in the future, you may not be considered regardless of how strong your financial position is. If you are lucky enough to avoid getting caught when lying on a credit card application, don’t think you’re away scot-free. There is a reason why lenders have strict requirements. It not only protects them from risk but ensures you’re in a position to make the repayments. If you lie on your credit card application and end up in a situation where you’re unable to make the required payments, that’s when you will get caught. [middle_pitch] What happens if you make a mistake on a credit card application? Naturally, it’s best to avoid making any mistakes on your credit card application as they reflect poorly on you. Always go through your completed application form more than once to check for errors. It might be in your best interest to have another person go through the form as well.  The problem with mistakes is that it is difficult to prove to the lender that a particular mistake is genuine. For example, if you provide incorrect employer information, the lender might understandably think you are trying to lie about your income. Though it might be possible to correct mistakes, it’s likely that the lender may already consider you to be a high risk. Do credit card providers check your income? Yes. If you’re employed, a credit card application may require copies of your payslips. Self-employed individuals may need to provide their bank statements and tax returns for the most recent tax year. Your income is used to determine whether you can make your credit card repayments. Do credit card companies check your bank account? The short answer is no. However, depending on your source of income, credit card companies may request bank statements. That being said, credit card companies don’t have the right to access your bank account directly from your bank. What do credit card providers look at for approval? Credit card companies may look at multiple things when considering whether to approve your application or not. However, the most common factors considered include your: Income Household expenditure Credit score and debts Age Credit card companies will also ask you to confirm that the information provided on the credit card application form is true and valid. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading AstraZeneca stock: time to sell? Here’s why the NIO share price fell yesterday Can the Rolls-Royce share price bounce back? Should I buy UFC shares today? The Horizonte Minerals (HZM) share price is surging. Should I buy now? The post Can I lie on a credit card application? appeared first on The Motley Fool UK.
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  39. Gold loans starting at 7%: Check out latest interest rates and EMIs for Rs 5 lakh loans (25/02/2021 - Financial Express)
    Gold loans could be a good option even for those borrowers who have a poor credit score due to which they might not be eligible for an unsecured loan.
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  40. Is The GEO Group Inc (GEO) Stock a Smart Investment? (04/05/2021 - Reddit Stocks)
    Over the past year the S&P 500 is higher by 48.80% while GEO is lower by -53.25%. GEO earned $0.94 a per share in the over the last 12 months, giving it a price-to-earnings ratio of 6.17. However, the GEO Group Inc (GEO) stock is lower by -53.25% over the last 12 months, and the average rating from Wall Street analysts is a Strong Buy. InvestorsObserver’s proprietary ranking system, gives GEO stock a score of 30 out of a possible 100. That rank is chiefly influenced by a long-term technical score of 0. GEO's rank also includes a short-term technical score of 1. The fundamental score for GEO is 89. In addition to the average rating from Wall Street analysts, GEO stock has a mean target price of 15. This means analysts expect the stock to rise 157.29% over the next 12 months.   submitted by   /u/bentebenteuno2021 [link]   [comments]
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  41. The Moneyist: My boyfriend moved in to increase his credit score. Now he wants to buy a home together — without saving any money (07/06/2021 - Market Watch)
    'I own my own home, I have had the same job for over 20 years, I have a 401(k) and IRA accounts, and I also have several accounts that I put money into.'
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  42. It might not be the right time to invest in American Express. Here’s why (08/04/2021 - AlphaStreet)
    Widespread flight cancellations and restrictions on the hotel industry during the pandemic have had a ripple effect on credit card companies and payment service providers. After going through a rough patch last year, American Express Company (NYSE: AXP) is currently pinning hope on the recent improvement in consumer sentiment, thanks to the positives cues on economic recovery and the COVID vaccination drive. The New York-based credit card behemoth saw its market value growing more than 50% in the past twelve months, reaching a new high and surpassing the growth registered by the S&P 500 index. With the valuation already on the higher side, experts see the stock declining in high single-digits in the coming months. Considering the factors that make AXP a risky bet, it is better to put on hold the buying/selling decisions for the time being. Meanwhile, the optimists among analysts see further gains ahead of the upcoming earnings. Tough 2020 American Express’ relatively high exposure to the entertainment and travel market made matters worse for it. It is worth noting that the stock performance of rivals Visa, Inc. (V) and Mastercard, Inc. (MA) was much better last year. They issue cards through banks, unlike American express that gives credit to customers directly. While that puts the company at a higher risk of defaults, write-offs and delinquency rates decreased progressively and reached sustainable levels towards the end of 2020. Spending Recovers After slowing down in the early months of the pandemic, cardmember spending bounced back, led by non-travel and entertainment spend. Also, the increasing availability of coronavirus vaccine is having a positive effect on people’s spending habits and that is expected to reflect in the company’s transaction volumes, going forward. Though the merchant network continues to expand, there is uncertainty about market reopening, especially travel and accommodation where the company has co-branding agreements with airline companies and hotels. Read American Express Company’s Q4 2020 Earnings Call Transcript American Express is preparing to release its first-quarter numbers on April 23 before the opening bell, amid expectations of a sharp increase in earnings to $1.57 per share. Meanwhile, experts see revenues falling 11% to about $9 billion. Given this environment, we are looking at 2021 as a transition year during which our focus will be on building/rebuilding growth momentum. By rebuilding growth momentum, we mean firing up our core acquisition and retention engines, scaling key next horizon opportunities, and retaining the flexibility in our financial model. To accomplish this, we plan to aggressively increase investments in our core strategic business areas, with a specific focus on the following. Stephen Squeri, chief executive officer of American Express Mixed Q4 In the past few years, the company reported positive earnings that regularly beat the market’s forecast. That trend was maintained in the most recent quarter also, though earnings dropped 13% to $1.76 per share. The bottom line was hurt by an 18% fall in revenues to $9.3 billion, reflecting double-digit contraction across all business segments. The company’s share value breached the $150-mark for the first time last month, continuing the recovery from the post-earnings slump earlier this year. The stock closed the last session slightly higher but traded lower early Thursday.The post It might not be the right time to invest in American Express. Here’s why first appeared on AlphaStreet.
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  43. ETF Play For The End Of The Pandemic (13/04/2021 - INO.com)
    Imagine the pandemic ending. Well, I am sure you have already done that, maybe even a few times over the last 12 months. The pandemic ended through whatever means, and now it is 'safe' to go live your life, similar to how we all did before last year. What do you do? What do others […] The post ETF Play For The End Of The Pandemic appeared first on INO.com Trader's Blog.
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  44. 6 reasons why credit cards are declined (16/02/2021 - The Motley Fool UK)
    Anyone can have their credit card declined. Sure, it’s surprising, and maybe a little embarrassing, but it’s not uncommon. Here are the six most common reasons why you might see the dreaded ‘card declined’ message, and tips for preventing it from happening again.  1. Credit limit reached Every credit card has a limit. Once you reach the credit limit, you can’t use the card again until you pay down the balance. So, if your credit card is declined, there’s a chance you just don’t have enough credit left to cover the transaction. Luckily, there’s an easy way to stop this from happening: check your balance regularly. Just remember, though, that it’s not a great idea to max out your credit card anyway, because it can affect your credit score. You might also find it harder to pay off your card, which can lead to money worries down the line.    2. Expired card When was the last time you checked your card’s expiry date? Check it right now. Is it still valid? If not, that could be why your credit card was declined.  Usually, card providers send you a new card a few weeks before the old one expires, but there’s always a chance it got delayed or lost in the mail. Or, if you’ve moved house recently, maybe you forgot to update your address details with the credit card company.   The best thing to do is contact your card provider right away. If they sent the card to the wrong address, or it’s lost in the post, they can block it and send you a new one.  3. Wrong details Speaking of wrong details, it’s crucial that you keep your personal information up to date with your credit card company. Otherwise, your credit card might be declined. Always check your details are accurate before using your credit card. And it might sound obvious, but make sure you’re entering the right PIN or security code, especially if you’ve changed cards recently.  4. Missed card payments Have you missed any credit card payments recently? If so, your card might be restricted. You’ll need to call your credit card company and find out: when you missed a payment how much you owe  whether you need to pay late fees If you’re struggling to make credit card payments, it might be a sign that you’ve overextended your finances. It’s probably best to work on managing your debt before you go further into your credit limit.  5. Unusual spending patterns Credit cards can be declined if it’s used for something considered ‘out of character’. So, if you normally use your credit card to pay for a few meals here and there, but you suddenly try to pay for a holiday, your credit card company might query it. This is actually a good thing because it’s one of the ways credit card companies can protect you from fraudulent purchases. You’ll probably need to contact your card provider and prove your identity before they’ll allow the transaction to go through.  6. Shopping abroad If you normally use your credit card in Manchester and you’re suddenly splurging in Madrid, there’s a chance your credit card will be declined. Why? Again, it all comes down to card use that’s considered ‘out of character’. This can happen if you buy a one-off purchase from an international seller online, too. To avoid this from happening, tell your card company about your intended international travel plans or foreign purchases. And, if you travel regularly, consider taking out a travel credit card or have some emergency cash available to cover any issues. What to do if your credit card is declined: takeaway Credit cards are declined for many reasons, but often you can resolve the issue with a quick call to your card provider. That said, there’s no guarantee that your card provider will approve the purchase, especially if you’re near your credit limit or you’ve missed payments.   On that note: if you’re missing card payments or you’ve hit your credit limit, this is probably a sign you need to monitor your spending. Check out your credit score online to see what’s going on, and consider contacting Citizens Advice for help.  “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading FTSE 100 dividends: should I buy this big-cap stock yielding more than 5%? Why I’d ignore the Cineworld share price rally and buy these UK shares for my ISA Scottish Mortgage just sold Tesla stock. Here’s my view on the trust now Argo Blockchain share price: 3 reasons why it’s up 90% in the past week The MXC share price has soared 200% in just one week! Should I buy now? The post 6 reasons why credit cards are declined appeared first on The Motley Fool UK.
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  45. Pre-qualified vs pre-approved: what’s the difference? (31/03/2021 - The Motley Fool UK)
    If you want to apply for a credit card, you may be wondering if there’s any difference when considering pre-qualified vs pre-approved. If so, this article tells you what you need to know. What do these terms mean? Credit card companies often send out invitations to potential or existing customers inviting them to apply for credit cards. These invitations typically come with special offers, such as introductory bonuses, air miles or 0% introductory APR on balance transfers or purchases, for example. They’re known as either pre-approved or pre-qualified credit card offers. [top_pitch] Pre-qualified vs pre-approved: what’s the purpose? Credit card providers send these offers for promotional reasons. Doing so is an effective marketing tool used to attract new customers. You may have received letters from card providers inviting you to apply for a credit card. These companies probably selected you from a mailing list as a suitable potential customer. What’s the difference? Pre-qualified vs pre-approved There is actually very little difference between these terms when they are used by credit card companies. In fact, some companies use both terms in such a way that their meaning is the same. In both cases, card companies will prescreen mailing lists or their own customer databases using a ‘soft inquiry’. This type of inquiry has no effect on your credit score. When there is a distinction between the two terms, this has to do with the selection method. The difference is as follows: Pre-qualified offers Lenders typically make to people whose credit score falls within a general range. Pre-approved offers Lenders make these offers to people that meet other specified criteria. For example, this could be their reliability in terms of paying their bills on time. [middle_pitch] What about pre-qualification? You’ll hear the term pre-qualification in the US more than in the UK. So, if you want to apply for a credit card in the US, you can request pre-qualification. The card company will ask you to answer some questions over the phone or fill out an online survey. Following a review of your answers, they may give you a conditional offer. The offer is based on a soft inquiry and gives you an idea as to whether or not your application would be successful. In the UK, the closest equivalent process is a credit card eligibility checker. You can use this if you are unsure whether or not your application will be successful. You fill out an online questionnaire and submit your answers. The card company analyses your answers and lets you know if your application is likely to be successful. Does either offer guarantee approval for a credit card? No, this does not guarantee approval because both types of offer are made following a soft inquiry. The reason is that this type of inquiry does not identify any problems in your full credit history. If you are pre-qualified or pre-approved, then you will need to make a formal application. As part of the formal application process, the credit card company will undertake a ‘hard inquiry’ that includes a full examination of your credit history. This type of inquiry will have an impact on your credit score. Take home: pre-qualified vs pre-approved If you want to apply for a credit card, you can approach the company directly. Therefore, you don’t need to worry about pre-qualified vs pre-approved. Using a credit card eligibility checker is a good first step if you are unsure about your application. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading This is what I’m doing about the [email protected] Capital share price right now The 88 Energy share price surges to 4-year highs! This is why Can a student get a mortgage? Deliveroo IPO! Should I invest in London’s biggest listing this year? 3 UK funds to buy for a Stocks and Shares ISA The post Pre-qualified vs pre-approved: what’s the difference? appeared first on The Motley Fool UK.
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  46. 5 things to know about the Government Gateway (09/05/2021 - The Motley Fool UK)
    When originally set up, the Government Gateway was a central place where you could register to use online government services. But recent changes to the system and the introduction of gov.uk Verify may have you a bit confused. So we are here to break down five things you need to know about the Government Gateway. 1. The Government Gateway does still exist The Government Gateway was previously the system that we all had to use to register for UK government online services. So if you needed to renew a driving licence or fill in a tax return, you would have set up a Government Gateway ID. But in March 2019, the Government Gateway was decommissioned and digital services were supposed to migrate to different systems. So you may now see some services using gov.uk Verify instead. However, HMRC decided to develop its own sign-in system for its online services. This still uses a Government Gateway ID. 2. It has a two-step verification The main purpose behind having a Government Gateway ID is that the government knows you are who you say you are. It obviously doesn’t want just anyone being able to access sensitive and personal information. So there is a two-step verification process in place. When registering for a Government Gateway ID, you will be asked to provide details or a mobile phone or landline where an access code can be sent each time you log in. Alternatively, you can choose to use an authentication app like Microsoft Authenticator, which will provide you with a time-based one-time password (TOTP). 3. The Government Gateway and gov.uk Verify exist in parallel Depending on which government service you are using, you may have seen gov.uk Verify as an option for signing in. The gov.uk Verify service is another verification system for government online services such as your personal tax account or self-assessment. The difference is that gov.uk Verify uses third-party providers certified to verify identity. So your information is not stored centrally. Currently, it runs in parallel with the Government Gateway. But it is expected that more government online services will start using gov.uk Verify in the future. 4. You can recover or reset your ID and password If you have forgotten your ID and/or password, then you can have these recovered. Or you can simply reset your password. The site does suggest that you look through your emails for ‘Government Gateway user ID’. However, if you still can’t find it, then you just need to follow the steps on the gov.uk website. 5. Using the Government Gateway or gov.uk Verify will not affect your credit score The Government Gateway and gov.uk Verify are identity verification services. Particularly with gov.uk Verify, you will find that the third-party provider will ask for your personal details and then check these against records held by mobile phone providers, credit agencies, HM Passport Office or the DVLA. It is important to know that these checks will not affect your credit score. You are not applying for credit and it is not anything to do with finances. They are literally trying to confirm that you are who you say you are, so your credit score will remain untouched. On the flip side, if you register for the electoral roll, then you can actually improve your credit score. Lenders checking your credit report can then be confident of your identity if they see that you are registered to vote. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading Aston Martin shares fall 18% in 3 months. Should I buy now? NIO stock has fallen 40%! Should I buy the shares? Tips for planning your retirement income Should I buy Tesco shares or Amazon shares? 2 cheap UK shares I’d buy for the new bull market The post 5 things to know about the Government Gateway appeared first on The Motley Fool UK.
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  47. Next Avenue: How to plan a meaningful post-pandemic re-entry (10/02/2021 - Market Watch)
    Here are three questions to help you plan a post-pandemic comeback that could make your career and life more satisfying and fulfilling.
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  48. Next Avenue: How to plan a meaningful post-pandemic re-entry (10/02/2021 - Market Watch)
    Here are three questions to help you plan a post-pandemic comeback that could make your career and life more satisfying and fulfilling.
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  49. A bank or an HFC: Which is better for a home loan? (25/05/2021 - Financial Express)
    If you are looking for a transparently-priced loan interest benchmark, can wait a bit longer for loan processing, have a credit score over 750 and easily fulfil the eligibility criteria, you may go for a bank home loan
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